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Dec 05 2009

Cape San Blas Real Estate Week in Review – Nov. 28 – Dec. 4, 2009

Week In Review for Cape San Blas Real Estate MarketI’m hard pressed to believe I was in the Sunshine State this week with all the cold and rain (9 inches on Wednesday alone), but even that wasn’t enough to dampen or chill our red hot market, as we had what is our best week in the past two and a half years, closing eight sales since last Saturday. Even more encouraging is that six of them were lots so land is moving again. I’m also proud to say our office participated in five of the eight sales. Our only new contract is one of those sales, and we have three new listings and nine new price tags. Our inventory is back on the right track again inching downward, coming in at 386, down 2, with 137 houses and 249 lots in the MLS in the Cape San Blas, Indian Pass and C-30 Corridor. We have a lot of territory to cover today so let’s get started.

Cape San Blas Lot at Park point Sold Dec. 3, 2009 for $40,700

We’ll start at the north end of the Cape and work our way southward. First stop is up at Park Point Subdivision alongside the entrance to the state park, where this quarter-acre bank-owned lot listed for $120,000 sold for a Christmas blue-light special of $40,700. Even the county thought it would bring at least $78,500, probably since it sold in late 2003 for $264,000.

Barrier Dunes Cottage Sold Dec. 4, 2009 for $265,000

A few blocks south at Barrier Dunes we have our one new contract and second sale, one of the handful of cottages in the back by the park. A couple of my loyal readers decided it was time for them to have a coastal retreat and so we went shopping for their ideal place. This 3-bedroom, 3-bath, 1,876 square foot cottage with porches upstairs and down wrapping three sides perfectly suited them. Don’t you love the Hemingway-esque Key West look of the white picket fence and palms? The sellers put it on the market only a few weeks ago for $309,000, but soon thereafter wisely moved it below the $300K mark to $299,000. We went under contract last Saturday and closed Friday for $265,000, super close to the assessed value of $239,597. The sellers purchased the home in 1995 for $220,000.

Cape San Blas Gulf & Bay View Lot Sold Dec. 3, 2009 for $58,500

Lots of action this week in Cape Breezes, about a mile south of the state park entrance where we had two sales on side by side bank-owned properties. The first is a nearly half acre lot measuring 100′ by 180′ which will afford both gulf and bay views when built upon. All the lots in this subdivision also come with deeded gulf and bay access. This s a good building site, high and dry even with all the rain we’ve had recently and it’s in the “X” zone. The property last sold in early 2004 for $200,000 and went back on the market two years later with a list price of $425,000. It never sold and eventually went back to the bank who listed it for $64,900, considerably below the county’s assessment of $100,800. Another one of my readers picked it up on Thursday for $58,500.

Bank Owned Cape San Blas House Auctioned Dec. 3, 2009 for $215,050

Our fourth sale next door was a 2-bedroom, 2 1/2 bath, 1,644 square foot spec home built in 2005 which the builder was unable to sell. it was listed sale in late 2007 for $549,000, but it, too, eventually went back to the bank. The house went on the auction block a few months ago with a list price of $299,000, well above the county’s assessment of $246,724, but even Kes mis-judged what the market would bear on this one as the winning bid turned out to be a mere $215,050.

Cape San Blas Interior Lot Sold on Dec. 2, 2009 for $50,000

Our very own Mr. $50,000 Lot Guy was a busy man this week as our next two sales clearly show. The first is this corner property on the bay side at Paradise Bay not far from Cape Palms Park. Measuring 96′ by 200′, and also in the “X”zone, it puts you within an easy stroll to either the gulf or bay, and our very popular bike path runs right in front of it. Last sold in August 2006 for $230,000, it was currently listed for $74,000 but not as a short sale, and sold on Wednesday for a cool $50,000. Kes pretty much nailed this one, having it at $56,000.

Cape San Blas Commercial Lot Sold on Dec. 2, 2009 for $50,000

His next successful $50,000 lot sale was this commercial one on the corner of Aruba and Cape San Blas Road about half a mile north of Scallop Cove which was listed for $79,000. Because this parcel was replatted from a larger parcel with a house on it I don’t have any pertinent sales or assessment values to cite.

Cape San Blas Gulf Front Home Sold Dec. 4, 2009 for $460,000

Our seventh sale is the second of our two homes sold this week and it’s a lovely gulf front place located on Clipper Way in Feather Sound Subdivision on the Cape not far from the Tradin’ Post. These buyers got a great buy, too, as they picked up this steal of a deal for only $460,000. This home last sold in early 2004 for $775,000 and was put back on the market in April 2007 for $1.2M. The sellers tweaked it down to its contract list price of $480,000 and that did the trick. Once again, the assessed value was real close, coming in at $455,762.

Indian Pass Gulf to Lagoon Lot Sold Nov. 30, 2009 for $200,000

Our eighth and final sale of the week takes us off the Cape and over to Indian Pass for what I think is the most jaw-dropping deal of all. What a beautiful property this is. It runs from the gulf to the lagoon, roughly a hundred feet wide by 1,089 feet deep, for a total of about 2 1/2 acres. Kes totally missed the call on this one, having it assessed at $601,000. The sellers bought it in ’98 for $200,000, listed it this past September for $495,000, reduced it down to $330,000 and took $200,000 for it on Monday.

Barrier Dunes Townhouse Now Only $159,900

Only two new listings and no real excitement, so I’ll go straight to the Price Change Pick of the Week which goes to this 2-bedroom, 2-bath, 1,172 square foot Barrier Dunes townhouse which was reduced from $184,500 to $159,900. That’s below both it’s current assessment of $222,007 and the $185,000 it sold for in mid-2003. This is located by the park in a natural, peaceful setting.

Lots of good deals out there, folks. I love helping my readers find great properties, so if you’re in the mood for adding some coastal real estate to your Christmas shopping list, give me a call at 850-227-7891 or write me at . Have a terrific weekend, and thanks for stopping by today.

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Sep 21 2009

Cape San Blas Real Estate Market Week in Review – Sept. 12-18, 2009

Week In Review for Cape San Blas Real Estate Market Like most of the rest of the southeast, we’ve been inundated with rain, rain and MORE rain again this week. As I woke up on Tuesday to yet another rainy morning, I wondered if I had somehow been transported to Seattle. All this liquid sunshine has done little to dampen the appetites of buyers, though, as we managed to have another banner week, with three closings and three new contracts. Yea! We still have a hefty inventory of properties for sale in the Cape San Blas, Indian Pass and C-30 Corridor market hovering right around the 400 mark, this week ending up four from last week at 399, with 142 homes and 257 lots for sale in the MLS. New listings are down, with only four, but prices continue to adjust, with twelve price cuts.

I’ve been encouraged lately by the variety of properties going under contract and closing, a good mixture of homes and lots, and this week continues that trend, with a single family home, a townhouse and a lot. Let’s take a look at them in that order.

Bank Owned Home on C-30 Sold on September 15, 2009 for $359,000 First up is this bank-owned home on C-30 over in Treasure Shores First Addition, which is on the north side of C-30, making it a second tier home. Designed by architect Gordon Mock whose impressive work can also be seen at Windmark, this is a three-bedroom, 3-bath, 1800 square foot home which last sold in December 2005 for $695,000. The owners put it back on the market in early 2007 for $645,000, but were never able to attract a buyer, and the bank took it back just a few months ago. They listed it for $359,900 and closed on Tuesday for exactly that amount, a loss of 48% in value since 2005. The county had this one assesssed at a low $296,669.

Cape San Blas Duplex Sold on September 17, 2009 for $165,000

Back to the Cape for our second sale of the week, and this is one half of a gulf view duplex at Cape Sands Landing, about half a mile north of Scallop Cove. It’s a 2-bedroom, 2-bath 1600 square foot home built in 1985 and it has good gulf views from both its decks. The sellers have owned it since 1998 when they bought it for $95,000. They listed it several months ago for $199,900, dropped it recently to $174,900 at which price it went under contract almost immediately. They closed on Thursday for $165,000, well below the assessed value of $192,753. Somebody got a great deal here.

Cape San Blas Interior Lot Sold on September 14, 2009 for $169,000 Our third and final sale of the week is also on the Cape, this one a lot on Sumerhouse Lane at the entrace to San Dunes subdivision. It’s roughly a third of an acre, a corner lot fronting Cape San Blas Road also, and measures 85′ by 170′. They should have good views of both the bay and the gulf when the new owners build. This property last sold in April 2007 for $300,000, the county currently has it assessed at $189,000, and some savvy buyer bought it for $169,000. They’re not wasting any time either as they have already put in pilings and started to build.

Indian Pass Gulf Front House Under Contract September 14, 2009

All three of our new contracts are on homes, one at Indian Pass and two on the Cape. They’re also all listed as short sales. The Indian Pass home is the largest of the lot so let’s start with it. This is such a beautiful home situated on a lush gulf front lot over an acre in size. Here’s the MLS description:

This Key West style historic home (Circa 1903) was relocated on a 92′ wide Gulf Front lot and carefully restored. The home contains heartpine floors throughout, original stained glass windows, 12’6″ ceilings, and original adjustable transom windows. The custom designed gourmet kitchen features floor to ceiling cabinets, top of the line stainless steel appliances, granite countertops and a ceramic apron farm sink. The home also features six fireplaces, including one in the kitchen and the master bathroom. Custom Bahama shutters cover the windows. There are over 1,000 square feet of screened porches with a huge 6′ x 11′ tiled spa and waterfall (the computerized spa is chlorine-free). The lot has been professionally landscaped with native vegetation. X Flood.

It’s a short sale with a list price of $799,900 having last sold in September 2004 for $1.65M. Youch. It’s currently assessed for $828,285. It’ll be interesting to see what the bank does with this one.

Cape San Blas Home at Two Palms Under Contract September 15, 2009 Over to Two Palms on the south side of the Cape for contract number two, and it’s on a house we’ve seen before as both a pick of the week and for a previous contract which didn’t work out. It’s a large 4-bedroom, 4-bath, 3100 square foot first tier home with terrific views of the gulf. The sellers bought it in early 2004 for $518,000 and put it back on the market 18 months later with a $1.195M price tag. No takers. It’s currently at $567,000 which is still a good bit above the county’s assessment of $468,248, but the bank will be the final decision maker on what they’re willing to let them sell it for.

Barrier Dunes Townhouse Under Contract September 18, 2009

Our third and final new contract is up at Barrier Dunes, just outside the state park, where this 3-bedroom, 3-bath 1312 square foot interior townhouse went under contract on Friday with a list price of $220,000, below the $227,748 county assesment. This is on Parkside so it’s not a view home. I’m not sure about this sales history, but from the county records it looks as if it sold in June 2004 for $207,000 and then again just two months later in August for $370,000. That seems odd to me even by mid-2004 standards.

There may be only four new listings but I’ve got a Pick of the Week anyway when I see a lagoon front lot on C-30 just past the Indian Pass Raw Bar for only $67,000 and it’s not a short sale. Here’s an aerial which seems to show a section of wetlands crossing about the middle of it, but it’s a deep lot (100′ by 599′ for about 1.3 acres) and appears to have plenty of dry room on the front part for a nice home with terrific views.

Lagoon Front Lot $67,000

Another easy Pick of the Week from among the twelve new price tags, this one a gulf front lot on the Cape for only $279,000. No typo there – it’s $279,000 for a 62′ by 100′ lot on White Sands Drive just north of Ovation, and less than a mile south of the state park entrance. This property last sold in the summer of 2004 for $650,000, so it’s a short sale, but according to the MLS the bank has already approved this list price so it shouldn’t take long to close. Doesn’t this look like a Florida postcard?

Cape San Blas Gulf Front Lot Now Only $279,000

Well, it took several days for me to put it together with everything that’s been going on but we finally made it, albeit late Monday afternoon. Thanks so much for checking back, and hopefully we’ll have next Saturday’s update to you on time. These buyers are keeping me busy and trust me, I am NOT complaining! If you’re considering buying or selling, please give me a call at 850-227-7891 or send me an email to . I’d welcome the opportunity to earn your business. Have a terrific week, and if you live here in the southeast, I hope you’re staying dry.

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May 23 2009

Cape San Blas Real Estate Week In Review – May 15-22, 2009

For Sale and SoldThe question I’m hearing from nearly everyone I come in contact with lately is, “Well, is anything selling?” and I tell them absolutely, things are picking up again noticeably, as evidenced by the fact that this is the second week in a row we’ve had four new contracts. In other activity we added only four new listings, nine price changes, two properties were withdrawn, and eleven expired unsold. There were no closings. After all that, we end the week with three fewer active listings in our MLS inventory for Cape San Blas, Indian Pass and the C-30 Corridor, coming in at 412, with 159 homes and 253 lots. We’ve got a lot to cover, so let’s get started.

Houses dominate three-to-one in our four new contracts, with two on Cape San Blas Road and one in the C-30 Corridor in Treasure Shores; our lone lot is the lagoon front lot on C-30 listed for $49,900, and that is where we’ll start. (All four of our contracts have contingencies to be met so we don’t know the projected closing dates on any of them).

Lagoon Front Lot Under Contract May 20, 2009

This ought to look familiar since we last saw it just two weeks ago when it was my pick of the week for best priced new listing. It is the 83′ wide lagoon front lot on C-30 for only $49,900, which is a bank-owned sale with Suntrust having foreclosed on it in January. The lot last sold in June 2004 for $220,000, exactly twice the $110,000 it had sold for just ten months earlier in August 2003.

Home at 4747 Cape San Blas Road Under Contract May 19, 2009

This pretty gulf view 2,052 square-foot, 3-bedroom, 3-bath home at 4747 Cape San Blas Road has been on the market since March 2007 when it was originally listed for $589,000. It finally got down to $464,000 and on Friday it went under contract. The seller purchased the lot alone in October 2004 for $265,000 and then built and furnished the house and put it on a rental program. The property appraiser’s office has its assessed value as $326,135.

Home at 5447 Cape San Blas Road Under Contract May 22, 2009

Next up is a bank-owned 2,957 square-foot, 4-bedroom, 3-bath gulf and bay view spec home located at 5447 Cape San Blas Road in Ocean Haven, just south of Seagrass. The developer first put this home on the market in January 2007 with a list price of $1.25M, but by April 2008 even at an eventual list of $745,000 it just wasn’t selling, and it was withdrawn. According to county records, it was turned over to Capital City Bank in December 2008, and they put it back on the market in March for $540,000, which is still well above the county’s assessed value of $461,691. It will be interesting to see what it actually goes for.

Treasure Shores First Tier Home Under Contract May 18, 2009 Let’s head on over to Treasure Shores out along the C-30 Corridor for our fourth and final new contract of the week, which is this modest 1,468 square foot, 3-bedroom, 2-bath, first tier home listed for $398,775, a bit above the county’s assessed value of $308,500. According to the MLS notes, this is a short sale, even though the county records indicate the seller paid just $275,000 for it in May 2001. This is a nice home with an attractively landscaped yard.

1st Tier Jubilaiton Lot Only $150,000

My pick of the week from our four new listings is easily this first tier lot in Jubilaton which comes out of the gate at a very attractive $150,ooo, below the county’s assessed value of $157,000. This lot last sold in October 2004 for $525,000. I love its location; here’s an aerial view:

Aerial View of Jubilation 1st tier lot You would have awesome views from this property when you build, and the homes aready in Jubilation are some of the nicest on the Cape. I also love their gulf front community pool which has just an unbelievable view. Check this out:

Gulf Front Pool at Jubilation on Cape San Blas

Another easy choice from among our nine new price changes; how about a gulf front lot for $224,900?

Gulf Front Lot for Just $249,900 This 59′ wide gulf front beauty is located at Curve at the Cape, off C-30 just east of the turn off onto Cape San Blas Road. Curve at the Cape is a small gated community of just eleven lots, with a landscaped entrance with pavers. Please note that although this is not on the actual Cape, it is none the less still in the COBRA zone, and therefore ineligible for FEMA flood insurance when you build. At this type of a deep discount, though, you’re saving enough money to cover years and years of private flood insurance. According to the MLS notes, this is a short sale so offers will have to be approved by the lender. The county has it assessed at $356,700, and it last sold in April 2004 for $640,000.

That’s a wrap for this week. I’m hearing from more and more of you each week and I just love meeting you, so please keep those cards and emails coming. Whether you’re interested in buying or selling I’ll be glad to help you with any questions you may have so don’t hesitate to contact me. My cell phone number is 850-227-5197, toll free office number is 877-512-9366 and of course you can always shoot me an email to . Have a terrific holiday weekend, and as you’re out and about with family and friends, I hope you’ll take a moment to reflect on the brave men and women all the way from Valley Forge to the Kabul Gorge who have given their all to give us the freedoms we enjoy every day. God Bless them all.

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May 09 2009

Cape San Blas Real Estate Market Week in Review – May 2-8, 2009

Unfortunately, the MLS links gremlin is back – the work-around solution I had figured out last week is no longer working. I think it may be an Internet Explorer 8 issue. I apologize for the inconvenience; it will let me email links but not post them online. Go figure. I have people looking into it and hope to have it resolved ASAP.

For Sale and SoldOur mini market rally continues along the Forgotten Coast with prospective buyers slowly but steadily making inquiries and looking at property. Our inventory dipped ever so slightly this week, which is a good thing, ending with 408 active MLS listings in the Cape San Blas, Indian Pass, and C-30 Corridor market, down 2 from last week, with 158 homes and 250 lots. We had one sale, two new contracts, and we welcome six new listings (one of which is already umder contract) and six new price tags.

Cape San Blas Home Sold May 1, 2009

Our one sale was a bank-owned 3400 square foot, 4-bedroom, 3 1/2 bath home on Cape San Blas Road just north of the old Anchor office not listed in the MLS prior to sale, but entered for comp purposes on Monday after it closed last Friday. According to the property appraiser’s info, the prior owner purchased the home in 2004 for $757,300. They put it back on the market in March 2006 with a list price of $1.295M but had no takers and lowered the price incrementally down to $950,000 which is where it was when the county records indicate the Clerk of the Court issued a certificate of title deed to the bank. It sold on Friday for $545,000, 28% less than it’s 2004 selling price, but still slightly above the county’s assessed value of $506,756. This is a beautiful home; here is an apt description from the MLS notes:

4 BR 3 1/2BA, Spacious Entertainment Home. 3rd level great room/DR/ kitchen has heart pine floors, custom beadboard trim, spectacular gulf/bay views. Level 2 master suite and 2 bedrooms have private entrances and decks. Ground level includes tile entrance, office, elevator and master suite with private outside entrance. Home has finished garage, in-ground pool, fully irrigated/landscaped/fenced 1/3 acre in the ‘X’ flood zone.

This is a lot of home for the money. Somebody just got themselves a very good deal.

Indian Pass Gulf Front Lot LIsted For $199,000 Under Contract May 4, 2009 Buyers were looking for a variety of things, and we ended up with contracts on both a gulf front lot on Indian Pass and a gulf front home on the Cape under constructon. We’ll start with the lot which was a short sale listed for only $199,000. If you’re familiar with Indian Pass, it’s located shortly past where you make the big left curve on the main road. According to the county records, the seller purchased the propety in March 2005 for $725,000. Since there had been a minor replat done to the parent parcel I checked the clerk’s records to see if maybe this was the price paid for the entire parent parcel, but apparently not as the warranty deed describes just this lot. So the list price alone is only 27 cents on the dollar of what it last sold for, and even that is above the $174,000 at which the county has it assessed. Amazing. The contract has contingencies so we’ll have to wait and see what the closing date will be and what it actually goes for.

Gulf Front House Under Construction Under Contract May 8, 2009

Next up is a mammoth 3,295 square foot, 6-bedroom, 4-bath gulf front bank-owned home under construction on the Cape on Louisiana Lane, in Beachside, the gulf front subdivision seaward of Surfside Estates (next to Loggerhead Grill/Beachcombers Pizza). The tax rolls say the 50′ wide lot itself sold in May 2007 for $867,000; even with the new construction the bank put it up for sale this week with a $449,900 asking price and it went under contract Friday, no contingencies, scheduled to close by the end of the month. The county has the land valued at an even $300,000.

Lagoon Front Lot on C-30 Only $49,900

My pick of the week for best priced new listing is a no-brainer; how can you not go for an 83′ wide lagoon front lot on C-30 for only $49,900? We’re being consistent today in that this, too, is a bank-owned sale with Suntrust having foreclosed on it in January. The lot last sold in June 2004 for $220,000, exactly twice the $110,000 it had sold for just ten months earlier in August 2003. That was so typical of what the market was doing during that period. Demand was that strong.

I’m not finding anything that can compete with that among our six new price tags. so I’ll hold onto our pick of the week for best new price tag blue ribbon until next week.

The market is definitely starting to move again and I’m hearing it from all areas of the local housing food chain. I had both an insurance agent and home inspector tell me this week they’ve done more business in the past month alone than they have in the previous six. And it makes sense; when you have gulf front lots back down to $199,000 and lagoon front at $49,900, it’s bound to cause a stir. Now is a good time to buy because the clock is ticking away for inflation to kick into gear with the Treasury presses burning up printing all that money Washington is flooding the market with. I will be glad to help you locate property that will work well for your particular situation. If you’re interested in an income-producing property, ask me for a cash flow analysis. My direct line to my cell phone is 850-227-5197 or shoot me an email to . I sure appreciate your stopping by today, and look forward to hearing from you.

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May 08 2009

Gracie O’Malley’s On The Market

This I hated to see. Gracie O’Malley’s, a restaurant in Simmons Bayou open less than a year, showed up in the MLS for sale after posting a closed sign on the marquee earlier in the week. This place has unbelievable views overlooking the bay from its more than 300 square feet of quality decks off the dining area. The owner, Doc McKay, who has also owned and run the Tradin’ Post out on the Cape since the ’80s, pulled out all the stops when he built this and it was a lovely place to relax after work, especially just now as the weather’s warming up a bit and the days are getting longer.

Great View From Gracie O’Malleys

The food was great, too, with the chef team in the kitchen from Beachcombers days, Mark and Bill. The seafood platter was easily enough for two, and their she crab soup was reason enough alone to justify stopping in.

According to the MLS, the real estate (roughly 2 1/2 acres on 122 feet of waterfront), business, equipment and licenses are all included for the $895,000 price tag.

The Decks of Gracie O’Malley’s

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Nov 10 2008

Florida’s Existing Home, Condo Sales Increase in September 2008

Encouraging news from the Florida Association of Realtors.

Florida For the first time in almost three years, Florida’s existing home sales rose in September, noting a 24 percent increase in activity in the year-to-year comparison; last month’s sales of existing condos statewide increased 11 percent in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR).

A total of 10,817 existing homes sold statewide last month, up 24 percent over the 8,725 homes sold in September 2007, according to FAR. The last time Florida Realtors reported higher statewide existing single-family home sales was for year-end 2005, FAR records found. In July of this year, six more homes sold statewide than in July 2007, but that increase was statistically insignificant.

Fourteen of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in September; nine MSAs also showed gains in condo sales, marking the third month in a row that a number of markets have noted higher sales activity.

“The September sales report from the Florida Association of Realtors shows a 24 percent increase in the sales of existing homes in the state; this represents the sixth month in a row that the sales figure has exceeded its 12-month moving average (average of the previous 12 months),” says Dr. Sean Snaith, economist and director of the University of Central Florida Institute for Economic Competitiveness. “This is a clear sign that the significant price declines that have occurred across the state are leading to a more rapid absorption of the housing inventory.”

Snaith noted that September 2007 was a volatile time for the housing industry. “The large percentage increase of sales this September versus September 2007 is inflated by the sharp decline in sales that took place in September 2007,” he explained. “That was the month following the initial wave of global fallout precipitated by the subprime mortgage meltdown that roiled markets in August 2007.”

Florida’s median sales price for existing homes last month was $175,100; a year ago, it was $224,700 for a 22 percent decrease. But, looking back to September 2003, the statewide median sales price for single-family homes was $158,800 – an increase of 10.3 percent over the five-year-period, according to FAR records. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in August 2008 was $201,900, down 9.7 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $350,140 in August; in Massachusetts, it was $325,000; in Maryland, it was $295,283; and in New York, it was $225,000.

My thanks to FAR for their kind permission to bring you this article.

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Sep 15 2008

Cape San Blas Road Open

This morning traffic is flowing freely in both lanes on Cape San Blas Road through Stumphole. The surf has finally quieted back down, and except for the few homes on the southern portion of the Cape which were damaged by the storm, a couple quite severely, life is getting back to normal for most of us.

The only damage I have seen has been in areas where beach renourishment has yet to reach. Some of the worst damage was done to the Sunrise Sunset townhouses; several of the pilings on the northernmost set have slipped and the buildings are sloping downward towards the water.

Damage at Sunrise Sunset Caused by Ike

Shifting at Sunrise Sunset Caused by Damage From Ike

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Aug 29 2008 Traffic Surges in July

Which Way Is The Market Headed? Have we reached the bottom of the market yet? This article from the Florida Association of Realtors caught my attention today.

Is this the real estate turnaround?

On the heels of an increase in Florida home sales, a spike in new home sales and an upswing in consumer confidence, traffic to went up significantly in July with month-over-month increases in both traffic (29 percent) and time spent on site (26 percent) on, the official consumer Web site of the National Association of Realtors. Year-over-year page views on and the Move Network increased by 22 percent and 11 percent, respectively, as consumers spent more time searching properties in popular and unexpected metro areas than they did this time last year.

Local markets in July experiencing the largest year-over-year percentage increases in consumer searches on included Stockton-Lodi, Calif. (140.9 percent), Las Vegas, Nev. (93.9 percent), Fort Myers-Cape Coral, Fla. (69.5 percent), Detroit, Mich. (51.8 percent) and Washington, DC-MD-VA-WV, VA (49.1 percent).

Lorna Borenstein, president of Move, Inc., the oversight company for, says that year-over-year traffic on increased by 9.5 percent, despite the fact that traffic within the real estate category declined by 1 percent, and consumers spent 24.7 percent more time in July on than on the next closest competitor. currently offers potential home buyers access to over four million property listings, as well as the most brokers and agents.


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Jul 27 2008

Cape San Blas Real Estate Week In Review – July 19 – 25, 2008

For Sale and Sold NewAfter creeping slowly upward for the past several weeks, the real estate inventory of active MLS listings for the Cape San Blas, Indian Pass and C-30 Corridor market finally showed a nice healthy drop this week, coming in at 455 total, down 27 from last week’s 482, a nice 5.6% decrease. The big change is in the number of lots, now at 271 (vs. 295), largely the result of an entire subdivision’s 26 lots being withdrawn without explanation on Thursday (Red Fish Cove near Spinnaker just outside the state park on the Cape). We have three fewer homes competing against one another, with 184 vs. 187 last week. Fairly quiet week otherwise with just one closing and one new contract, four new listings, eleven price changes and five expired unsold.

Barrier Dunes Townhouse Under Contract Week of June 21-27, 2008Our one sale was a 3-bedroom, 3 1/2 bath interior townhome with no gulf view at Barrier Dunes. Built in 2000, the sellers bought it in late 2004 for $380,000, listed it for sale over a year ago, originally for $374,500, eventually reducing it to $349,000, and it sold on Tuesday for $317,500. They also offered to pay the first year’s flood insurance premium and a $5,000 bonus to the selling office. Not a pretty ride if you’re sitting in the seller’s seat for this one.

First Tier Gulf Home Only $399,900 Our one new contract is on this lovely 2-bedroom, 2 1/2/ bath 739 square foot Key West-style home over in Money Bayou we saw deeply discounted several weeks agao. The seller gave $630,000 for it in mid-2005, listed it back in March of this year for $399,900, but dropped it not long thereafter to the unbelievable price of $299,000. There are contingencies to be met so no way of knowing yet when it might close, but this will be an interesting one to watch. I hate to see this happen to anyone.

The one thing in common about our four new listings this week is that every single one of them is listed for well below what the sellers paid for them. There is a gulf-front lot at Sunset Pointe listed for $795,000 for which the sellers paid $841,000; an interior lot at Waters Edge listed for $110,000 for which the sellers paid $186,800; another gulf-front lot just south of Rish Park listed for $999,000 vs. purchase price of $1.125M; and a water view lot in Ocean Haven listed for $475,000 vs. $500,500 purchase price. With the exception of the Waters Edge lot which last changed hands in 2002, all the other last resales were in ’04 or ’05.

Lagoon Front Lot Now Only $99,900 My pick of the week from our eleven price changes is without a doubt a bank-owned Indian Pass lagoon front slashed from the already low list price of $99,500 to the give-away price of $50,000 which you can read about in my earlier post. This property last sold in December 2004 for $259,000. There is already an offer in on it.

That about wraps it up for this week. If you’d like more info on these or any other properties along the Forgotten Coast, please give me a call at 850-227-5197 or shoot me an email to . I love hearing from my readers.

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May 10 2008

Cape San Blas Real Estate Week In Review – May 3-9, 2008

For Sale and SoldSpring is the season of renewal and growth and unfortunately that’s exactly what our inventory did this week after holding steady for the past three. It grew nearly 2% with a total of 466 (up from 458), with 174 houses (vs. 171) and 292 lots (vs. 287). There was a fair amount of activity; no sales, but we do have three new contracts, thirteen new listings, thirteen new price tags, and five expired unsold.

So what’s selling? Our three new contracts were on two houses on Cape San Blas and the gulf front lot on Indian Pass that was reduced to $335,000 which I sent out an e-blast about last week.

Cape San Blas House Under Contract on May 5, 2008

Some savvy hombre celebrated Cinco de Mayo on Monday by putting a contract on this 3-bedroom, 3-bath gulf-view home on Polaris Lane . Built in 2002, its list price is $399,000 even though the sellers paid $569,000 for it in June 2005. Ouch. Somebody’s going to get a good deal here, just not the Sellers. Sounds like there might be an ARM about to mature next month. Curious to see what it actually closes for.

Beach to Bay Home Under Contract on May 6, 2008

Our second home under contract this week is this 3-bedroom, 2-bath, 1700 square foot gulf front home in Beach to Bay subdivision on the Cape with a list price of $1,079,000. The Sellers gave $710,000 for it in early 2003 so they should be ok. That was well before the market peak in late 2004.

Indian Pass Gulf Front Lot for Only $375,500

Our third contract was on this gulf front lot on Indian Pass and someone is definitely getting a good deal on this. The seller has been trying to sell this lot since January 2006 when he listed it for $1.285M. No takers, so in February 2007 he slashed the price drastically to $695K thinking no doubt surely that would entice someone to step up to the plate. Nope. He waits seven months more and still no takers, so he goes firesale deep to $450,000. Still nothing. At the end of April he goes to $330K, gets a flurry of offers but no contract, so on Tuesday he jacked the price back up to $375,500 and goes under contract two days later. Go figure. Can’t wait to see what it actually closes for. He paid $150,000 for it in 1999 so he can still more than double his ROI.

Are there any comparable deals within our thirteen price changes? You bet.

Indian Pass Gulf Front Lot Now Only $435,000

If it’s gulf front you want you can’t go wrong with this lot on Canoe Lane which was $675K and now only $435K. It’s 75′ wide, not in the CBRA zone so FEMA flood insurance will be available when you build, and it sits well off the highway.

Bay Front Home Now Only $575,000 If you’re more a bay person than gulf, here’s one for you. That bay front home with a dock in Peninsula Estates which was listed only a few weeks ago this week changed the price from $650K to only $575K which is like buying a bay front lot and having the house thrown in for free. If you recall this is a 100′ wide lot with a firm sandy beach. Should sell quickly at this price.

Bay Front Home Just Listed for Only $989,000 If you’re into bay front living but would like a bit more room and a few more frills, check out this 3,376 square foot, 4-bedroom, 3-bath beauty with lots of extras, including a brand new in-ground pool, dock with 2 boat lifts, detached garage, fireplace and more. Here’s the description from the MLS:

Beautiful bay front home with private boat dock including two boat lifts and a private inground screen-enclosed swimming pool. The spacious open floor plan features a large, entertainer kitchen and large living room and dining room. There is a full apartment on the lower level with full kitchen, living room, bedroom and bath and private entrance. The sunrise view from the porch was recently featured in Atlantic Southeast Airlines travel magazine. The decks, porches and views galore make this a truly special home.

I’m very familiar with this beautiful home and if you love to entertain and relax in style and comfort, this is one you won’t want to miss.

That about does it for this week. Prices are getting back into the truly attractive range with more and more really good buying opportunities. If you’d like info on these or any other properties, give me a call at 850-227-7891 or shoot me an e-mail to Thanks for stopping by today.

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